IRA Qualified Charitable Distribution

If you are aged 70½ or older, you again have the opportunity to save on taxes and make a charitable distribution gift from your IRA. With a direct transfer from your traditional IRA to a qualified charity, you satisfy your minimum required distribution for the year. IRA Qualified Charitable Distributions are income tax-free so long as the gift is made by December 31st. 

Consider an IRA Qualified Charitable Distribution to benefit your parish, Catholic Charities, Priestly Formation, Catholic Education, the Heart of a Shepherd campaign or another ministry of the Diocese of Cleveland.  


We invite you to read this article by Christopher B. Anderson, a shareholder at Maloney + Novotny LLC with extensive expertise in not-for-profit tax matters: Qualified Charitable Distributions, A Gifting Alternative.


IRA Qualified Charitable Distributions- Fast Facts

  • You must be 70 ½ and older
  • Distributions must be made directly from the IRA to a qualified charity
  • Your taxable income can be reduced by up to $100,000, the maximum allowable
  • Only traditional IRA accounts are eligible.  The IRA Qualified Charitable Distribution cannot be used with other retirement plans such as a 401(k), 403(b) or a SEP IRA
  • Transfers cannot be made to Donor-Advised Funds, Charitable Gift Annuities, or other life-income arrangements

Contact your financial advisor to see if the IRA Qualified Charitable Distribution is a good option for you. You will need to provide the information below to your IRA administrator.  Please feel free to download a sample request letter.

For gifts designated for the benefit of Catholic Charities (download sample letter):

Catholic Charities Corporation, Tax ID #34-1318541
c/o Catholic Community Foundation
1404 East Ninth Street, 8th Floor
Cleveland, OH 44114-1722

For gifts designated for the benefit of your parish (download sample letter):

You will need to provide your complete parish name, address and TAX ID# to your IRA administrator. Contact us to obtain this information for your parish.   

For gifts designated for the benefit of Catholic Education, Priestly Formation, the Heart of a Shepherd campaign, or other ministries of the Diocese (download sample letter):

Catholic Community Foundation, Tax ID #34-1908579
For the benefit of: (please specify designation)
1404 East Ninth Street, 8th Floor
Cleveland, OH 44114-1722 

 

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